Sales return is also known as____________?
Correct answer: C. Return inward
- A. Return received
- B. Return Payed
- C. Return inward
- D. Return outward
Explanation
Goods sent back by customers are sales returns, also called returns inward because the goods come back into the seller's business. Returns outward refers to goods returned to suppliers.
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About Accounting Principles
Accounting principles explain the rules used to record, classify and report business transactions. Coverage includes the accounting equation, double-entry system, accrual and cash bases, matching and prudence concepts, consistency, going concern, business entity, and the difference between capital and revenue items.
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